According to the latest report by IMARC Group, titled "Grow Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global grow light market size reached US$ 3.65 Billion in 2019. Grow lights refer to artificial sources of light that are used to improve the crop yield. Also known as plant lights, they emit light in the electromagnetic spectrum that is tailored to suit the needs of the plant that is being cultivated. The color, temperature and intensity of the lights can also be varied to mimic outdoor settings, thus providing the plant with optimum conditions for performing photosynthesis. These lights can be used for growing plants in conditions where natural light is not available or is insufficient to promote growth.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Grow Light Market Trends:
The global market is primarily driven by the growing adoption of indoor farming practices. Since the utilization of grow lights ensure the optimal growth of plants despite climatic and topographical challenges, their demand is increasing significantly. The use of indoor farming also reduces the chances of damage caused by pests and insects, which curbs the usage of harmful pesticides. Consequently, efficient lighting solutions are being adopted by farmers to accelerate healthy plant growth and maximize overall yield. Furthermore, the global population explosion has created an ever-increasing demand for food. The limited availability of cultivable land has further contributed to this deficit. Numerous players are therefore shifting from traditional farming methods to commercial greenhouse cultivation and vertical farming, which is expected to significantly curb the existing food shortage. This, along with the implementation of favorable government policies, is anticipated to create a positive outlook for the market. The increasing integration of the Internet of Things (IoT) with grow lighting solutions and the rising preference for energy-efficient and long-lasting variants, such as LEDs, are further driving the market. On account of the aforementioned factors, the market is expected to reach a value of worth US$ 7.13 Billion by 2025, expanding at a CAGR of 11.7% during 2020-2025.
- On the basis of the technology, the market has been divided into HID, LED, fluorescent and others.
- Based on the installation type, the market has been bifurcated into new and retrofit installations.
- On the basis of the spectrum, the market has been classified into full- and partial-spectrum.
- Based on the application, the market has been categorized into indoor farming, vertical farming, commercial greenhouse, turf and landscaping, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, Argentina, Columbia, Chile, Peru and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include EPISTAR CORPORATION, EVERLIGHT ELECTRONICS CO., LTD., Gavita International B.V., General Electric Company, Heliospectra AB, Illumitex Inc., LumiGrow, Inc., OSRAM GmbH, and Shenzhen Juson Technology Co. Ltd.
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